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1. What can I do with BankX?

You earn interest for minting the stablecoin, XSD, and for staking the BankX token in the Certificate of Deposit. You don’t have to mint the stablecoin to be able to stake in the Certificate of Deposit. They are mutually exclusive and entirely up to you which one you do or both.

2. What is the supply of the BankX Token?

The Total BankX Token Supply on ETH and BSC each is 945,946,322.62. The token supply on Pulsechain, Avalanche and Fantom will be determined by the sacrifice phase currently underway.

3. Which blockchain will BankX be deployed?

We will launch initially on ETH and Binance. We will then launch to other EVM compatible blockchains like Avalanche, Fantom and Pulsechain.

4. What are the transaction fees in BankX?

There are NO transaction fees in the BankX system.

5. How does BankX pay interest and how it is calculated?

There are two ways you earn interest at BankX: staking BankX in the Certificate of Deposit and minting XSD. We pay interest on the CD by inflating the BankX token supply. The amount of staking is more than the inflation we cause to pay the interest. This results in a deflationary effect on the currency which is designed for the price to go up. We use the same economic principle with the stablecoin. The BankX stablecoin, XSD, requires ETH (or the native blockchain token) and BankX (totaling 100% collateralization) to mint XSD. Since the BankX token is needed to mint XSD, this is effectively a “staking” event similar to the CD. We inflate the BankX token supply to pay rewards to mint XSD and to keep it in circulation.

The market demand for XSD determines the percentage collateral of ETH. If more people like XSD (the market is buying XSD resulting in the price increasing above the peg), the system lowers the amount of ETH needed to mint the stablecoin. In this scenario, more BankX tokens are needed. The interest rate you earn on minting is tied to the amount of BankX tokens needed to mint XSD. The higher the percentage of BankX to mint = higher interest paid for minting. It takes the whole economic system in legacy banking and flips it on its head. MORE XSD DEMAND = MORE INTEREST FOR MINTING XSD.

We have designed the system so that you can create the passive income you like. See some of the sample strategies here:

6. Why is the BankX stablecoin, XSD, pegged to the price of 1 gram of silver?

XSD tracks the price of 1 gram of silver because fiat currency is not “stable”. 30-40% of all the dollars in existence today were printed out of thin air in a 12-month period. The federal reserve bank cannot print silver. Instead of a central chokepoint (silver vault), the collateral is decentralized crypto. XSD is not an option, not a future and is not backed by physical silver in a vault.

The three areas of a currency: Unit of Account, Store of Value and Medium of Exchange. This does not all need to be the same currency. This is the breakdown of how we do it with BankX.

  • Unit of Account: USD (Everything in BankX is expressed in USD)
  • Store of Value: 1 Gram of Silver but collateral is crypto (Best inflation hedge while remaining decentralized)
  • Medium of Exchange: The BankX XSD Stablecoin

We chose to track the price of 1 gram of silver because it is a much better inflationary hedge. See the comparison chart of the Purchasing Power of the USD vs. the Inflation Adjusted Silver Price:

7. Is the possibility of an infinite loop of minting, buying collateral and minting again and again unsustainable (LOOPING endlessly)?

We wouldn’t say it is infinite. You have a restriction of the payment of gas fees, transaction time, slippage, available liquidity of ETH and BankX Tokens, the XSD stablecoin price etc.

8. Stablecoins seem complicated. Where can I learn more?

We have posted an article on Reddit that will tell you all you need to know.
Click Here: Stablecoins

9. How is the genesis mint of XSD collateralized?

We will start at a stablecoin collateral deficit so you won't be able to redeem collateral with XSD in the system until it reaches the value the system needs. There are incentives to add collateral during times of deficit. At the genesis mint, we are essentially an algorithmic stablecoin but become collateralized as BankX evolves. This is exactly how Frax.Finance began when it launched. Our system adds and maintains the collateral value through incentives no matter what happens to the price of silver or the underlying collateral. There is no stablecoin system like BankX.

10. Is BankX a loan?

No, you are paid the interest because it is your collateral used to mint the Stablecoin. Loans can be liquidated like what other stablecoin protocols do. BankX is not a loan and you are never at risk of liquidation. The worst design of a stablecoin is when there is no collateral. The 2nd worst design is where you can be liquidated. BankX is a far superior design.